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with the exception of oil, which fell $2. fed chair ben bernanke is urging lawmakers to strike a deal on the fiscal cliff sooner rather than later, otherwise the nation will return to recession. the obama administartion formally proposed new rules on healthcare, including requiring coverage for pre-existing conditions and minimum health benefits for millions. and in earnings after hours, salesforce.com rallied on better-than-expected news, while the zale fell 10% as the company lost some shine on earnings. larry shover of sfg alternatives joins us now. those reports larry of cease-fire coming out of israel really rocked the oil market yesterday. what do you anticipate for today? > > i anticipate the trend to continue. keep in mind, before we had this cease-fire, a month ago, there was a big downward trend in the oil price. so i just expect that momentum to continue. refinery margins are really high, there is a lot of supply. i expect oil to continue to lower in price. > > what about greece? will we be able to get any closure there with the bailout money? > > i think the only way we are going to get
on a deal on the fiscal cliff which we think they will because if they don't, then you have the potential of slipping into recession which is bad for a politician. >> susie: but if there isn't a deal how are investors going to respond? do you think they're just going to stay on the side lines and wait and see? >> well, if there is not a deal then play the movie forward. you get a sharp sell-off in equity. that forces politicians to then come back to the table and to conclude a deal. that's not the way you want to end there. you would rather end a different way. one way or another you end up with a resolution on the fiscal cliff which means the u.s. economy does not dip into recession. we continue to grow profits, grow jobs, grow income. by extension that ought to be pretty good for equity markets. >> susie: one thing that is is worrying a lot of investors right now is there's going to be an increase in capital gains and dividends taxes so they're wondering between now and the end of the year, maybe they should take profits and some of their, you know, in their portfolio. what do you say t
at odds to avoid a budget deal to avoid the fiscal cliff. markets were spooked yesterday when harry reid said little progress has been made. the president today speaks at about 11:30 eastern on how potential tax hikes will hurt the middle class. obama will meet with the second group of ceos at 4:45 p.m. to get their input on how to solve the crisis. the group will include brian roberts, and yahoo!'s marisa meyer. for more, we're joined now by charles deebel. the president meeting today over the fiscal cliff. really the reason for the underperformance we've seen, not just in u.s. equities, but actually worldwide overnight. >> i think so, i think there's really a reevaluation with respect to europe going on as well, and having had a greek solution. and then they start to look at the rest of the eurozone, particularly spain. so you deal with one issue, but there are still plenty more stacked up behind. so that didn't help. but yeah, those comments clearly not constructive. it is the number one problem now having got to greece effectively out of the way, spain is on the back burner. the u.s.
's a republican. that thee gop's say fiscal cliff deal is what defined grover norquist. let's hear congressman pete king of new york, a republican. he was on meet the press yesterday. [video clip] >> i agree entirely it. if i were in congress in 1941, i would have signed a declaration of war against japan. i would not attack japan today. the world has changed. i think everything should be on the table. i am opposed to tax increases. the speaker and majority leader and the president will be in a room trying to find the best package. we should not take ironclad positions. i would say john boehner has put together pretty good package and has been conciliatory in his language. host: that was yesterday. we are asking republicans what you think about indications from some republicans that they are willing to break their anti-tax pledge. here's the washington post story -- we will go to the phones to hear from kiev and, joining us from stafford, virginia. good morning. caller: good morning. if you listen very carefully, peter keane and even saxon chambliss and lindsey graham all said the same thing.
. for the president, does he want to do this? he's going to have to cut a deal with republicans on the fiscal cliff. he has other big issues to deal with. he has several other cabinet nominees. does he want to dig in and pick a fight with someone he has personal loyalty to? what was the biggest problem, college educated women and people of color, do they want to oppose? both sides would have dicey political choices. there's a lot of talk in washington susan rice is undermined politically. it might hurt her in washington, but, wolf, you've covered world capitals. think about the world. if the president were to fight for her, again that's an if, people would say she's obviously his person, he's loyal to her. even someone like colin powell, people always wondered, am i talking to george w. bush or colin powell? will he be undermined by donald rumsfeld or dick cheney? if she wins, her stature might go up around the world. >> even if she were to be confirmed with let's say 60 votes, five republicans would jump and endorse her, the secretary of state supposed to represent everyone be a bipartisan leader
shopping at work today, cyber monday. but no deal in washington on this fiscal cliff. if you were there, how would you get a deal done, you can tweet us, we'll read the best answers at the end. but a lot of have you been getting mean with me, and personal insults, we will not tolerate it. -- but we will, because we don't get a lot, if we did we would show discretion. anything bad you have to say, send it to lou dobbs, -- kidding. >> meanwhile, white house morning that uncertainty over fiscal cliff tax hikes could keep holiday shoppers from spending. and katie said, mr. president look in the mirror, do something about it. right now know onus on republico make concessions on revenues. part of those consequences from elections were boein both sidesg a little, i see it just one way thus far. >> we have white house coming out with the economic numbers warning that middle class might not go out and spend on holiday gifts. neil: do you believe it? >> i don't. neil: all right, it would take a ama c truck and a thum thermonur reactioning to stop my wife. >> they are trying to use the middle clas
returned from the holidays still facing the fiscal cliff. if a deal can't be reached by january 1st americans will face half a trillion more in taxes next year coupled with a hundred billion dollars in cuts to domestic and defense spending. since the reagan era most republicans have day caretaken promising they won't raise taxes. mike viqueira says there may be flexibility on both sides of the aisles. >> reporter: it's a pledge almost all republicans have signed to oppose tax increases of any kind. today shit was showing cracks. >> the world has changed and the economic situation is different. >> reporter: republicans insist in return for defying part doctrine they must have changes in social security and medicare. >> i will sign only if they undo entitlement reform. >> reporter: be president has put them on the table before. during last year's failed talks on a grand bargain and more recently in his first post election press conference. >> we have to continue to take a serious look at how we reform our entitlements because health care costs continue to be the biggest driver of our
a deal. >> uncertainty about how the fiscal cliff, the raising of the at the time limit and longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions and may be contributing to an increased sense of caution in financial markets with adverse effects on the economy. continuing to push off difficult policy choices will only prolong and intensify these uncertainties. >> he went on to say, if we do get a plan that solves the government budget issues without hurting the economic recovery, next year could be a good one. that is so many if it. >>> the investigation of the shooting at the sikh temple is concluded. the shooter, michael page, acted alone and did not happen. he had been linked to white supremacist groups, but the fbi found no evidence to conclude he had help or was acting under any directive from them. they also said the attack was not part of any ongoing threat to the sikh community. >>> defense secretary leon panetta talked about how the american fight against al qaeda is changing. he said that, yes, the united s
/palestinian issue. this is facing barack obama at a time he wants to do more in asia, deal with the fiscal cliff. welcome to your second term. >> a lot to do. richard haa ss. >> how did jerry adams do it? how did the irish terrorists as they were called before the peace deal, how did they not only enforce the peace but then turn to their own bad elements and say, step out of line, and we're going to crush you. >> one was, they couldn't shoot their way to power. tony blair, the irish prime minister gave them a political path that was legitimate. there was a potential there for compromise. they had discipline in their own ranks. >> how did they do that? how would hamas discipline the extremists? >> at some point -- listen, in the history of every opposition movement, there's a time when there's a civil war where people who want to compromise have to deal with the radicals who don't. the it happened in pre-israel history among the various jewish resistance groups, it'll have to happen with the palestinians. either hamas will be outflanked or they'll have to cut a deal and ultimately stand up. >>> w
both hint that a deal to avoid the fiscal cliff is on the way. possibly in time for santa. i asked republican john cornyn whether he thinks that is a reality. >>> and governor romney sits down with the president since the election, actually since the debates. does this do either of them any good? rick santorum is out front. and julian assange is out front to answer critics and our questions tonight. let's go "out front." >>> good evening, everyone. i'm erin burnett, outfront tonight, an early christmas miracle. or at least the glimmer of one today. barack obama bringing glad ti tidings of great joy to avoid the fiscal cliff. >> i will go anywhere and do anything it takes to get this done. it's too important for washington to screw this up. >> and john boehner, not to be outdone, put a little early present under the tree too. >> i'm optimistic that we can continue to work together to avert this crisis and sooner rather than later. >> these are pretty glum faces to deliver those presents. no smile from either one of them. but investors didn't care, they're excited about the present,
in terms of the fiscal cliff, we should deal with it now. politics should be set aside. perhaps unrealistically. we have to deal with this problem now. >> we have to deal with this problem now. if we don't though, we've already seen the dow drop 100 points and rebound 400 points last week. what are we in for? what kind of -- >> we don't know. we're in for a great deal of uncertainty. with interest rates at zero, you know, a large number of americans are looking to their equity portfolio for their retirement income and retirement assets and to see that deteriorate further would be terrible. >> does it matter if it's a grand bargain or small bargain or pushes the whole event down a year ago. >> this is about confidence. confidence drives positive decisions of business to invest in plant equipment, to add the increme incripplement incremental person. this is one thing we could accomplish in the next number of weeks and months to really start to reestablish confidence that we're on a path to solve this fiscal problem. >> we talked earlier with roger and with ed just about this idea
its act together on the fiscal cliff but a deal may finally be in reach and senator john barrasso joins us with an update. that is coming up next. >>> plus a sixth straight day of protests against egyptian president morsi. we'll tell you how his most powerful opponents are now planning to rein him in. more "money" coming up. ♪ ♪ . melissa: and now, to the fiscal cliff. things seem to take a 180 as news out of the white house indicated progress, made. earlier senator orrin hatch said both sides were about 23 dal billion away from a deal. that sounds like a lot. in washington that is nothing, going over the cliff. we were looking more than 600 dal billion in tax increases and spending cuts. wall street was pleased what they heard today. the president is meeting with top ceos as we speak. make of that what you like. with his take, wyoming senator john barrasso. thanks for coming back to the show. we always appreciate your time. >> thank you, melissa. melissa: what do you think? are we getting closer? to me 23 dal billion, that is a little money. but to you guys that is coins in t
on a deal to avoid the so-called fiscal cliff. despite optimism from both sides, they remain far apart on what to do about revenues with the white house saying the bush era tax rates should expire and republicans insisting any new revenues come from closing loopholes in the tax code. kristen welker joining us from the white house. he said the talks said to be stalled. what is the white house saying? >> reporter: they certainly know this is going to be a tough slog. certainly you had this sort of sense of bipartisanship after the leaders came to the white house. it seems as though that has gone awe with democrats digging in their heels on the issue of entit entitle. s and republicans on taxes. congress talking about some types of compromises, one that would include rolling back tax breaks for big corporations and wealthy americans as you just talked about. another one would potentially roll back the bush era tax cuts but instead of allowing rates to go back up to the clinton levels of 39%, maybe they would go back to 37%. these are just some ideas being talked about. you're absolutely r
for a fiscal cliff deal. the ranking democrat on the budget committee, congressman vis van hollen is going to join us. il, but i still have a runny nose. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ] to learn more about the cold truth and save $1 visit alka-seltzer on facebook. and with my bankamericard cash rewards credit card, i love 'em even more. i earn 1% cash back everywhere, every time. 2% on groceries. 3% on gas. automatically. no hoops to jump through. that's 1% back on... [ toy robot sounds ] 2% on pumpkin pie. and apple. 3% back on 4 trips to the airport. it's as easy as... -[ man ] 1... -[ woman ] 2... [ woman ] 3. [ male announcer ] the bankamericard cash rewards card. ap
or three weeks. bill: dick durbin argue on democratic side take that out of the fiscal cliff and deal with that after the deal. >> occasionally democrats get something right but the key thing is for republicans to hold the line on taxes. europe is raising taxes. japan is raising taxes and it is a disaster. we don't need a weak economy being burdened with this type of stuff. bill: steve forbes. thank you. got a question at home. hemmer at foxnews.com. twitter at bill hemmer. bya, because you asked. as he pointed out there are so many issues to tackle how do you get it done in 35 days? martha: look to europe and japan where they raised taxes. doesn't seem to be helping them. chris van hollen is coming up and what he thinks about all that as we try to avoid the fiscal cliff just days away. republican republicans are willing to talk tax reform but will democrats budge on issue of entitlements. we'll talk to chris van hollen. is that snow on the capitol dome? bill: i think you're right. martha: a little bit of snow, or a funky monitor. this fisherman was stranded at sea. how a small piece
'll be happy to deal with entitlements. >> the congressional wisdom on a fiscal cliff deal does that include receive news and cuts. you made it clear how you feel on revenues. >> we have already done more than $1 billion worth of cuts, so we need to get credit for that in these negotiations that take place. >> senator durbin said he thinks that president obama won't include a deal [inaudible] >> first of all, the debt ceiling. we would be foolish to work out something on stopping this from going over the cliff and then a month or six months later the republicans pull the same game as they did before and say we aren't going to agree to increasing the debt ceiling. i agree with the president. it has to be a package deal. what was your other question? [inaudible question] >> there are things we have already taken care of, the first of april and take a look at that stuff. that's not essential. [inaudible question] >> we can't do anything with the disaster aid package and i'm told it will be tomorrow or the next day. [inaudible question] >> republican, ok. you said what's holding it up? i said re
on capitol hill trying to avoid the fiscal cliff. the biggest obstacle to a deal is a pledge of no tax increases of any kind that virtually every elected republican has signed. grover norquist is behind that pledge considered one of the most powerful men in washington and has convinced thousands of republicans to sign the pledge. with fiscal calamity on the horizon some gop lawmakers are changing their tune. >> i will violate the pledge, long story short, for the good of the country. >> president has made clear, he will not sign a bill that extents the bush era tax cuts for those making more than $250,000. >> some republicans open to breaking the say they will do it by closing tax loopholes they say entitlement reform has to be part of the discussion. both sides are counting on negotiators to find common ground. >>> if you have a lot of holiday errands you may want to get it done today before the storm gates open. >>> we have three systems that are headed our way over the next several days. first tomorrow morning doppler showing all the cloud cover this morning. we are looking dry, we
and if they don't like hit the brickings. >> do you think it is for the economy over all. we are in a fiscal cliff and rough waters here and now this to deal with? >> i think it could be bad for the economy. they have the merchandise and this is not going to affect thanksgiving shopping season and christmas most likely. but look at history. 1948 we had five million workers on strike and it crippled the economy. the taft hartley act brought back the boom. that is it breaking of the unions and created the boom that eisenhower had. if these union heads go forward. this could hurt the economy. >> tracey, you made the point about the retailers, it could hurt the consumer spending as well the economy needs that right now. and economist looking to the holiday shopping season to get big numbers out. >> cheril, i am a last minute shopper and i disagree that they have everything in for the season. stuff comes in down to the wire in so many small businesses if you don't have what i am looking for when i generally get out there, i am not buying it that hurts the over all economy. and look. at the unions what
lawmakers to get a deal done and avoid the fiscal cliff. >>> next stop, the white house later this afternoon. good afternoon, everybody. i'm tyler mathisen. it is a big day in this national discussion about how washington can avoid the fiscal cliff. some of the senators in the center of the debate will be stopping by. we may hear from some ceos this hour. we do expect to hear from some of them at a press conference later this hour. the president, by the way, weighed in on the debate this morning as well. sue, a busy day down here in washington. >> it sure is, ty. indeed it is here as well. we are going to be joined by a very special guest, noted author and investor nassem taleb. after dropping more than 100 points in the early going, the dow sittingality the highs of the day. it's been an extremely volatile trading session, we're up just about 80 points or so. bob pisani joins me from the floor of the nyse. bob, they're parsing every word coming out of capitol hill and house speaker boehner giving a boost to the markets a bit ago. >> he did. he is a little more optimistic. but we're being bl
to strike a deal on the fiscal cliff and it's going to mean the left is not happy, and you guys have called him a socialist and all of this stuff, i'm telling you much more of a centrist than you think? >> obama? i think he's-- >> no, you're just so wrong about that. >> he's as far left, and he-- >> you talk about it. >> and he's worse than carter, i think he's fuelly fairly pragmatic and probably will be more so at least while this fiscal crisis is. >> the biggest adjustment the democrats will make is running against george bush, the exit polls they were blaming gb, and i can't believe he might troo try to do it again and mentioned it in the press conference. and sooner or later, they'll have to say judge us on the last eight years with obama. they don't care. >> they care. >> and he feels like he has a man tate and can do what he wants and it's all about revenge, and warm and fuzzy campaign? >> he won, you lost and-- >> i don't know, i still feel like a winner because i know what we do to fix this economy and his ideas don't work. >> and negotiate a pragmatic deal on the fiscal cliff put
a pragmatic deal on the fiscal cliff put yourself in a hole you won't get out. >> and what's the prague matism, prime minister is claiming. >> 4-1 tax spending cuts. >> i haven't heard that. >> i think that's what he's going to come up with. >> and they go back to the clinton tax rates and it's not going to solve anything. and as if to say. >> the other part, you have to take out spending and entitlements, he didn't do it, i'll grant you that, didn't do it because he was trying to contact the base on the left and-- >> and no, no, i said to win the election. as a president he's going to govern, you watch much more centrist and if the republicans don't set the table, this'll look at whacko right wing. >> they have been at the table. >> my gut is he's going to be a centrist and they'll get a deal. >> there you have it right here. coming up, does the tea party play an effective role in this year's election. that's ahead. ♪ ♪ >> welcome back, everybody. less than three weeks since the election and it's divide not between democrats and republicans, however, between the conservatives, tea party
this weekend, not much public evidence of any real progress on a deal the avoid the fiscal cliff. folks here in washington are wondering if this week will prove a turning point for republicans and democrats. members of congress expressed optimism sunday about the prospects for reaching a deal to avoid the fiscal cliff. a series of tax increases and spending cuts next year that could do serious damage to the economy. they also sounded warnings. >> we can and must get an agreement. otherwise i think first of all the markets are going to start reacting. >> it's not a done deal and not a certainty. if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff. >> reporter: staffers have been working behind the scenes to find common ground to prevent across-the-board cuts lawmakers say should concern everyone. >> i think you should be worried if you have a fence job we all ought to be worried whether we are dependent upon other aspects of the federal budget, whether we're worried about the regulation of our food safety, whether we're worried a
to give the ability to get a deal on the fiscal cliff. so we have come up with their own money solutions. piles and piles of money and solutions are coming up next. in the quality of care and service we're able to provide... which mean better health outcomes... and more quality time to share with the ones who matter most. i love you, grandma! [ male announcer ] humana. ♪ melissa: israel and hamas launching missiles back and forth. the ongoing confrontation between the two killed hamas as top's top military commander. the violence is spreading. reports in tel aviv say that tel aviv has been hit with rockets. they are now dangerously close and we need to be concerned about our energy supply. as israel's ally, what does this mean for our national security? mike barrett joins me to answer all of these questions that we have related to you right there. first of all, what do you think of israel's attack on hamas and the military leader? what you make of all this? >> one of the big things is that are tediously, we have to make sure that people are still serious and strong and not weakened by
to avoid the fiscal cliff. 67% say a deal should be a combination of spending cuts and tax increases. and if no deal is reached by the end of the year, it's clear who will take the majority of the blame, 45% will say it's the republicans' fault in congress compared to 34% for the president. when it comes to the public's expectations of their elected leaders in washington, two-thirds predict they're going to act like spoiled children. >> oh. >> as opposed to responsible adults. >>> meanwhile, grover norquist is offering a reminder to republicans in congress who are thinking about breaking their anti-tax pledge in order to reach a deal. >> we could ask president bush, george herbert walker bush, how his second term went after he broke his pledge. did he damage the pledge, or did by breaking his pledge, he lost a second term for the presidency because he had not kept his word with the american people? >> at some point they need to let him go. >>> new york governor andrew cuomo is making his case for federal aid in the aftermath of hurricane sandy. governor cuomo said the storm could cos
off the fiscal cliff than accept a deal that does not raise the tax rates. as much as you hear this talk it all comes to looking good through the republican house. we do not know yet. we know the staff's been working back and forthe. there's been all sorts of things floating around. to correlate for what the tax cuts would be for the rest of the decade. it's complicated stuff. both teams growing at it. i know they spoke over the thanksgiving holiday, but we are not close to a gentlemen's agreement like you're perhaps hearing from the a few united states senators, tamron. >> thank you very much. let me bring in news nation's senior political reporter lois romano and cnn contributor and strategist keith boykin. we touched on comments on morning joe. he released a little more detail. it says in part republicans aren't against tax rate hikes because of one man or a pledge. we're against hiking rates because they're bad for the economy and hurt jobs. our first team points out it seems like the parties are ready to agree to a large point for taxes on the wealthy. the down side is the
-called fiscal cliff accelerate, our first read team notes they're basing the bases for what deal is made and include democratic senator durbin and republican congressman cole. over the last few days both indicated they're willing to compromise and cross the aisle to strike a deal. joining me now, nbc news senior political director mark murray. we have talked about the republican base perhaps learning lessons after the election, learning that it may not always be wise to sign a pledge if you don't want to be dedicated to it for 20 decades. but we have not talked a lot about the democratic base and folks on the left who may end up with a deal they don't like. >> you've seen some big hints and yesterday another one of senator dick durbin giving a speech at the liberal center for progress and prepared remarks saying there would probably need, progressives looking at long-term entitlement reform, maybe not a quick patch for the fiscal cliff immediately but sm something in a long-term deal and president obama made it clear he wants reform. the devil's in the details and republicans want some m
about this alleged fiscal cliff. what do you think - and good morning - deal or no deal, scott? > > good morning angie. yeah, there is going to be a deal. it may not be later this week, it may not be next week, but i think at a minimum we are going to see congress, the president, everyone say, you know what, we are on the table together here, and even if we have to extend this three months, six months, we are going to get it done. there is no way with the recovery that we have seen - and i'm not talking about the stock market recovery, i am talking more of the consumer sentiment recovery, housing recovery - with what we have seen the last quarter of this year, there is no way that the guys in washington can harm that or add anything to take the momentum away from that. it just won't happen. > let's talk about the stock market. what levels are you watching here? > > 1390 really held yesterday, during the sell-off in the morning. that is a real near- term support in s&ps. i think in the short-run, we see 1390- 1430 is really the range, probably going into the end of the year. > and what ar
on the debt in a lame-duck, afraid that you don't get a deal and go to the fiscal cliff. if you do too much debt reduction, big tax increases, you know, we have a recession. this is economically pretty straightforward, but politically very complicated. lou: the results profound looking at as much as and a half%, some say a reduction in gdp if we pursue this matter course that we are on. if we have a president who insists that taxes on the wealthy will be a solution and if we have republican leaders who are saying that they can join in an increase in taxes without talking about the spending problem. somehow they forgot about the spending problem. lou: you have to focus on the spending problem. again, we have prominent people like warren buffett writing op-eds and sang the solution is we need to attacks and do it right away. in fact, those proposals of no problems. less than a week of running the government. in just a couple of days then make the tax code complicated, and they don't solve the fiscal cliff. that is the kind of leaders we have at the moment. lou: terrifying as a word that would
reform off the table as a component to any deal regarding the fiscal cliff. listen to jay carney. >> we should address the drivers of the deficit. social security is not currently a driver of the deficit. that's an economic pact. while the president supports engaging with congress on a separate tract to strengthen social security, for entitlements we need to look at medicare and medicaid. >> joining to us talk about that and more is alan krueger, chairman of the council of economic advisers. can you help us interpret what jay carney just said? a lot of republicans have gone into this debate and discussion saying, you want more in taxes but in the same time we have to have entitlement reform. is he taking that off the table, mr. krueger? >> the president has pursued a balanced approach all along. he's had entitlement reform on the table. if you look at budgets, there are tough decisions there relating to health care costs, which are driving our deficits. additional revenue from upper income earners. >> medicare is still on the table when it comes to discussions about the fiscal cliff but
. congressional leaders are hoping to hammer out a deal to avoid the fiscal cliff. it is clear that the lawmakers are strug struggling to find a common ground. but some are saying there is a compromise. >> the stock market rallied amidst the talk of a possible deal being made. but independent senator joe lieberman is saying there is no done deal. he says, if congress does nothing, which they have gotten pretty good at, we will go over the fiscal cliff. the republicans have conceded that the government needs to find new ways to take in more money and now the fight is centered on where to get it from. >> i would be very much opposed to raising tax rates. but i believe we can change loopholes. >> i want entitlement reforms. democracies promise to cut spending. we never cut spending. i am looking for revenue for entitlement reform. >> reporter: senator graham says age adjustment and means testing for medicare and social security is a reasonable thing. but illinois democratic senator dick durbin doesn't want to touch social security. he thinks the new revenue should come from an increase on the tax ra
the challenge was ahead of them and they were going to address the fiscal cliff. now we're getting the pasturing. senator reid's comments today. the market drops immediately. this headline risk the market is going to suffer from every day until they get to that deal. >> steven, when you look at the retail sales figures over the week, black friday we had up 28% on monday for cyber monday. that would seem to suggest as michelle said that consumers are not too worried about much, including the fiscal cliff. yet, the market has this kind of a selloff when we get words out of washington today. what do you make of this? who's right on the fiscal cliff right now? >> well, i think that -- >> steven gilfoil. >> the consumer isn't paying that much attention to this. the regular american doesn't watch the financial news. he isn't reading the kinds of papers we read. and he's less concerned with this. >> should they be? >> they probably should be, but investors are more concerned with corporate news, with macroeconomic news. the senator made a statement today. you would expect some kind of posturing this we
when everyone smells the jet fuel and gets ready to cut a deal to avoid the so-called fiscal cliff? some days it feels that way. the president is stepping up his pr effort today delivering remarks this morning surrounded by, quote, middle class americans who will see their taxes go up if no deal is done. he'll sit down with more than a dozen ceos hater today including several who were prominent supporters of mitt romney. the white house even has a new hash tag called #pound#my2k. i asked jay carney whether this is just a game of running out the clock until the real negotiations begin in late december. is everything just killing time until the deadline comes? >> no. >> it seems everybody -- >> it doesn't feel like killing time. >> killing time until the final week and the jet fumes of the airport and then everybody will sit down and hammer this out. >> well, look, here's a fact, the president has on the table a proposal that reduces the deficit by $4 trillion. that is substance. so he has not waited for people to start smelling the jet fumes at national airport. he has actively put
. >>> more and more democrats willing to jump off the fiscal cliff rather than take a deal they don't like? the house's top democratic tax writer thinks that's a really bad idea. find out when sandra levin joins us later on the "closing bell." [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected. get started at legalzoom.com today. i have obligations. cute tobligations, but obligations.g. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishare
believed lawmakers could arrive at a framework of a deal to avoid the fiscal cliff. one analyst said we're all on pins and needles waiting for every bit of news or rumors coming out of washington. the dow is up 79. the nasdaq is up 14. s & p is up 7. >>> 400,000 unemployed californians are also closely watching the fiscal cliff negotiations in washington, d.c. that's because emergency federal unemployment benefits are due to expire december 29, unless congress extends them. in california notices of the possible loss of benefits are in the mail this week. >>> powerball ticket sales are soaring today as the clock ticks down to tonight's drawing of a record jackpot. people all over the country are joining the rush to get rich. the powerball pay off has ballooned to more than $550 million. it's still growing. there are no powerball tickets sold in california. one of eight state that is don't sell powerball tickets. many are are relying on out of state friends to buy them a ticket. others are taking a trip to oregon to buy their chance at the good life. >>> today, a live look outside shows t
congress to spare them on any deal of the fiscal cliff. this on top of unions everywhere flexing their muscles. airports, retail stores, hospitals. it's time to say this gravy train is over. dave, when you have? reporter: all the excesses of government and the phony rules and regulations and useless rules, these unions thrive on that. the postal employees union is extraordinary. federal and postal employees are struggling during these hard times. no other group has been asked to financially contribute in the way that they have. we know that they are making twice as much of a comparable job and the private workforce. >> there is no gravy train left. america it is not in the 50s anymore. companies along the lines of this, they can't handle the higher pay rate. there is no future for private and public jobs growing in the sector. charles: in the private sector it is all about this. if they had a really from the white house and national labor relations board. it seems like a favorable media right now. they are on the attack. i don't know if this will backfire or not. holding up traff
appreciate it very much. jon: we hear it a lot when it comes to talk about a deal on the fiscal cliff. the president can sit back and watch republicans shoot themselves in their feet. but maybe the president has more on the line than meets the eye. juan williams on fox news.com. how can president obama and his fellow democrats asked seniors and middle-class workers to accept major cuts in the safety net programs? that is the outcome they promised to stop the gop from executing. and how will the president explained why they predicted economic slowdown that could result from harsh automatic cuts in government spending? without a deal, the second term agenda will be lost in a sea of economic fear. and the man who wrote back, juan williams, he joins us now. bradley also joined us, a former deputy assistant george w. bush. you are saying that the popular notion that the president holds all the cards here in this economic negotiation, that notion is not necessarily correct? >> correct. it is a hidden story here. everyone expects after the election, republicans are on the ropes because the p
and positioning over the fiscal cliff negotiations. >> would you subpoena a deal that does not include tax rate increases for the wealthy? is that something that's acceptable? >> no. pete: and a candid assessment of the stakes from one of the g.o.p.'s rising stars. >> the fiscal cliff is a creation of the political branch in washington, d.c. and an example of a dysfunctional process. that threatens our economy and millions of people across our economy. pete: is stalemate in washington stifling the economic recovery? joining us this thanksgiving week, peter baker of "the new york times." molly ball of "the atlantic." and jim tankersly of "national journal." >> award winning reporting and analysis. covering history as it happens. from our nationas capital, this is "washington week with gwen ifill." produced in association with "national journal." corporate funding for "washington week" is provided by -- >> we know why we're here. to chart a greener path in the air and in our factories. to find cleaner, more efficient ways to power flight. >> and harness our technology for new energy solutions. >>
weekend. >>> 38 days now before the fiscal cliff. lawmakers return to work monday trying to cut a deal. if congress and president obama fail to reach an agreement massive tax cuts and spending cuts automatically kick in january 1. anti-tax crusader slamming chambliss. he broke with norquist no tax break pledge. he cares more about his country than the pledge. >>> there were signs truce between israel and hamas is taking hold this weekend. palestinian sources say israel has eased restriction on gaza fishermen allowing them to go up to six miles from shore. the fishermen were restricted to three miles into the mediterranean. palestinian farmers resumed tending land. hamas official say egyptian and israeli officials are expected to meet monday to discuss details of that cease-fire. >>> to egypt now where what's happening makes well, the arab spring look like it never ended. we remember the crowds of demonstrators, protesters, a regime bent on consolidating and preserving its power. that was then. this is the scene right now. demonstrators are back spending the night in tahrir square. pres
. and it looks like congress may be getting the message, too. a deal to avert the fiscal cliff is looking more likely. it is. but i've been disappointed by this congress before. millions of americans are counting on you, congress, to save their jobs and their financial futures. do it. we'll all be celebrating like scrooge on christmas morning.
of the nation's top ceos, to lawmakers about the fiscal cliff. ceo of goldman sachs says what's in this deal is less important than just getting a deal done. >> going over the fiscal cliff, it will be very bad, hugely negative for the stock market, which is, you know, a source of people's wealth. people will feel poor. if we go over for a short period of time and adjust it, we can repair some of those things. but what you won't repair is people's attitudes towards the united states as a responsible debtor. >> washington playing with fire? >> yes. yes, washington is playing with fire. and you don't get -- it's not like a football game when you get the two-minute warning. they don't tell you when you have -- you only get one more chance. >> let's bring in robert, republican strategist and richa richard, a strategist. good morning to you, guys. he said if the retirement age goes up, it is secondary to getting an actual deal. so what does that say? i'll give that to you, richard, first. >> look, business leaders have actually been very strong in a balanced approach. some revenue, some entitlemen
and pumpkin pie and will get back to work with the fiscal cliff. so can a deal actually be struck before christmas? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >>> it's deal. markets rally as policymakers reach agreement on cutting greek debt. and let's tnot twist again. richard fisher says asset purchases should end this december. and third quarter gdp data defies predictions with growth confirmed at 1%. also results out of italy. spain was able to raise more than expected in three and six month bills. italy has completed a two year zero coupon bond auction with the yield at its lowest since october 2010. that isn't turning its bond yield on the longer end. ten year back into the green. this morning we've seen it flip price higher, yields -- i'm sorry, price lower, yields rising. but just to reiterate, italy going to mar
than half saying the uncertainty around the fiscal cliff will impact their spending and job creators are cutting back on spending and a bad deal for the economy? well, let's ask. ben stein, dagen mcdowell, charlie gasperino and gary k. want to start with you. bad deal for all of us? >> of course, look, business investment was already down last quarter over 1%, and the word uncertainty just pervades e air and its business, its consumer, how about philanthropic organizations don't no what kind of write-offs for charity and the worst the outcome is probably going to be more, and taxes are going to go up and of course there will be no spending cuts. >> and ben, it does sound ominous, even if you're not someone who reads the wall street journa the fiscal cliff, fiscal cliff, it could be the-- i don't know intimidation factor, it could actually be worse than going over the cliff. >> i think that's a brilliant point, charles. if we went over the cliff for a few months the impact would not be enormous, and uncertainty is a bad word and fear is a really, really bad words and these are the wor
been on taxes which still is a key element, do not forget that. another part of the fiscal cliff deal will likely be entitlement. that could mean trouble for the president with his own party. not now, that's the message from the number two democrat in the senate on entitlement reform. illinois senator dick durbin now arguing talk of cuts to massive programs like medicare and medicaid should not be part of a plan to avertthe fiscal cliff. a position that appears as odds with other democratic leaders. most notably, president obama. >> i believe that we have to continue to take a serious look at how we reform our intitlements because health care costs continue to be the biggest driver of our deficits. >> this spokesman reiterated that stance tuesday. >> when we're talking about a broad balanced approach to dealing with our fiscal challenges, that includes dealing with entitlements. >> an aide to durbin said the senator does not believe his position conflicts with the president's. rather he's making a clearer distinction between the short-term challenge of the fiscal cliff and the long-te
cuts that kick in as part of the fiscal cliff but there is no deal. both sides seem to repeat with democrats echoing the president's demand for tax increases on the wealthy. >> he has promised he will not sign any bill that mortgages our future for the went quest 2% -- wealthiest 2% of americans. >> no tax increase for those who will not materialize later. >> reporter: but some are indicating they might be okay for some tacks increasing. allison burns, ktvu channel 2 morning news. >>> and a new study had substantially higher rates of breast cancer compared to the rest of the state. those include contra costa and the northern most part of alameda, san mateo and santa clara. breast cancer rates in the region were 10% higher than the state average from 200 to 2008. it has long been a concern in marin county. >>> and it happened during a police occupied protest and needed surgery and he is now suing the alameda sheriff's office. he claims the alameda sheriff's office made his injuries worse by denying him medical care after he was arrested in november. deputies ignored his pleas f
to deal with the biggest economic issue of the day -- that fiscal cliff. john harwood on whether lawmakers are getting any closer to a deal. >>> and coming up on closing bell, pet smart's ceo robert moran will join us live to discuss how his company is faring this holiday season. that's all straight ahead. >>> if lawmakers do not act to save the economy from falling off the fiscal cliff, $490 million would be cut from the centers for disease control and prevention's national breast and cervical cancer early detection program. which would result in over 33,000 fewer women screened for breast and cervical cancer. [ male announcer ] trading's like a high-speed train. and you don't want to miss it with thinkorswim by td ameritrade. you get knock-your-socks-off tools, simple one-click orders, real-time paper trading to hone your skills, plus anytime you need it support. ♪ stocks, options, futures, and forex. get your trading on track. thinkorswim by td ameritrade. trade commission free for 60 days, plus get up to $600 when you open an account. >>> lawmakers, their bellies full, are returning
. these kinds of proposals might get more traction if they make a deal to avoid the fiscal cliff and to get the government's finances in order for at least some short period of time. then you would see more movement on things like this. and i think there is interest in dealing with these questions on a bigger scale right now. but right now there is this immediate problem congress has to deal with. host: tom shoop, editor in chief of government executive magazine. guest: my pleasure, thank you. host: coming up next return to the u.s. postal service under the holiday special -- spending season. they lost $12 billion in 2012 and there are efforts to try to reform the system during the lame-duck session. we will talk about that. and later -- it is black friday, the traditional shopping day after thanksgiving and cnn reporting black friday sales could exceed $21 billion, from $19.3 billion in 2011. we will be right back. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> with soldiers placed on sentry duty in the roads in and out o
that is going to affect your taxes in just 34 days. that is the so-called fiscal cliff: automatic tax increases and federal budget cuts that will be imposed unless president obama and congress can make a deal on budget reform. not even everyone in the president's own party is with him on this and nancy cordes is on capitol hill for us tonight. nancy? >> reporter: scott, a rift has opened up between the white house and liberal democrats over what should be on the table in these talks. some democrats even say they're willing to let all the bush tax cuts expire, at least temporarily, even if they don't get the deal they want. senator patti murray of washington state is one of them. she says negotiations should focus far more on raising tax revenue than cutting spending. republicans are calling democrats like you "thelma and louise" democrats because you've expressed a willingness to go off the fiscal cliff. >> i'm willing to take a very tough stand and say to those on the other side that we are not going to accept an unfair deal that hurts middle-class america today and protect the wealthiest amer
street. the market interpreted positive statements on a potential deal on the fiscal cliff by house speaker and rebounded from what had been a 112-point slide after the morning's opening bell. the dow jones industrials reversed, as i said, on the speaker's positive remarks and finished the session up 107 points. s&p up 11, nasdaq gained 24. all ten s&p 500 sectors moved higher on the day. that is the first time it has happened since october 4th. retailers drove the consumer discretionary sector energy industrials lead in the wake, and the rally started just minutes before house speaker made it clear that republicans are willing to deal on revenue and ready to find a resolution now. >> we all know that we have had this spending crisis coming at us like a freight train. it must be dealt with. and in order to try to come to an agreement, republicans are willing to put revenue on the table, but it is time for the president and democrats to get serious about the spending problem that our country has. i am optimistic that we can continue to work together to avert this crisis sooner rather
that fiscal cliff. stocks up this week in anticipation of a deal with the dow clocking five straight of gains. and black friday consumer spending was down as well. now let's bring in t number one senator dick durbin and top republican lindsey graham. senator, welcome in. senator, let me begin with you. you see those markets going up in anticipation of a deal, are they right to be optimistic? >> they should be optimistic because we can solve this problem. unfortunately, for the last ten days with the house and congress gone for the thanksgiving recess, much progress hasn't been made, but tomorrow there's no excuse. we're back in down. george, we're back to basic. the house of representatives have a bipartisan bill passed by senate that will spare 98% of taxpayers from income tax raises. and 97% of businesses. it's a bipartisanship bill that the house should pass to make sure that we go forward with these negotiations without this specter of tax increases for working families and also, i might add, have a farm bill that they've been unable to pass and a bipartisan bill for the violence against
of this apparent intrangience. >> they got beat, how do they deal with the fiscal cliff, showing they are trying to create economic growth? you have had a lot of discussions, how can we create revenues, we are serious about growing revenues, the spending, the question is how do you get it? by closing loopholes, raising rates. the other question, this has been talked about as a fiscal cliff, but i later heard it described as a potential stair case, where there will be stages, rather than just one deal that ends it all. this may be something where it comes down a little bit more gradually. and you have republicans who want to say let's pass legislation now. we passed it in the house to keep the tax rates where they are, to stave off the fiscal cliffs. and democrats say we won't pass anything that extends the ratings for everybody. so the question is, what does this opening move look like. i don't think there will be much agreement on even what the opening move looks like, moving forward. >> we don't want to be pessimistic, it is almost thanksgiving, let's all just wish each other happy thanksgivin
bernanke warning of dire consequences if we go flying over the fiscal cliff, bernanke says failure to make a deal could trigger another recession. he also says the fed does not have the tools needed to stop another downturn. and they're calling it the largest insider trading case ever. sec charging him with conspiracy to commit serious fraud. reporter made $276 million in illegal profits after receiving a tip from a doctor about a new alzheimer's drug. hewlett-packard's taking a dive today in a shocking report of fraud. we will have all the details here in just a moment. but first our top story tonight, the fighting between israel and hamas continues. senator said hillary clinton met with diplomatic leaders in egypt today to hp broker a cease-fire but that did nothing to stop more missiles being fired at israel and one israeli soldier has reportedly been killed, so how close is a ground war between israel and hamas in the gaza strip? david miller is live on the border, with its latest from there? >> there was late night diplomacy, but nothing significant change resolve the conflict. over m
. with level evidence of progress in striking a deal to avoid " the fiscal cliff. >> the series a tax increases and spending cuts set to go into effect next year would dramatically alter the economy. but the the joins reports. >> we must get an agreement. --athena jones.. >> this is not a done deal or a certainty if congress does nothing which they're pretty good about these days. we will go over the fiscal cliff. >> staffers have a working behind the scenes to find common ground to avoid cuts that should be concerning for everyone. >> they should be worried if we have a defense job or if we are dependent on others of the federal budget. the regulation of our food safety, and our borders being secure. or fbi. >> the sticking point is what to do about taxes. the democrats want to raise taxes for the wealthy and republicans to not. the anti-tax crusader had gotten a majority of the " law makers to pledge not to support any effort to raise taxes. >> i'm willing to recorgenerate revenue. where is below but i will not raise tax rates to do it i will cap deductions, and violates the pledge, long stor
republicans are holding up a deal on the so- called fiscal cliff. republicans said they do not understand why democrats are looking to change the rules on filibusters. this is 20 minutes. >> we had a meeting with the four leaders up here at the white house, it went very well. the problem was that was before thanksgiving. and since that time, there has been little progress with the republicans, which is a disappointment to me. we only have a couple of weeks to get something done. we have to get away from the happy talk and start talking about specific things. and one month taxes are set to rise for all americans. we passed in the -- we passed in the senate a piece of legislation to protect people making less than $250,000 a year. we have rejected on a bipartisan basis the republicans' efforts to extend the tax cuts for everybody. those are the two majors we have dealt with on the senate floor. if we fail to reach an agreement, the average middle- class family will see their taxes go up by 2,200 a year. as i have indicated, the senate has acted to stop that and the house is one vote away from m
with dozens of ceos and he will talk about how to deal with that looming fiscal cliff. the president will meet with middle-class americans who will see their taxes go up if congress does not take action. >>> egyptians are once again expressing their anger towards president mohamed morsi. 200,000 people were there yesterday and they are protesting the decision by the newly elected president by granting sweeping powers. again, people out there have a live look and protesters have clashed with police and just today the highest appeals court are now suspending their work until president mohamed morsi rescind his decree. >>> in san diego chile, the new law would establish fishing quotas which discriminates against them in favor of large scale operations. they also say it. >> would require them to use gps which a system they can't afford. >>> rice is trying to explain why she gave what she now acknowledges is an incorrect explanation of the 9/11 deadly attack on the u.s. consulate. she did not win over john mccain and lindsay graham in her meeting yesterday and the senators remain troubled by rice's
house and avoiddthe fiscal cliff. looking at the oneesentence in that one word, optimism. >> that is right, with the president's remarks that he would like to see framework to avoid the fiscal cliff by christmas. sitting treasury debt up to capitol hill tomorrow to meet with congressional leaders, democrats and republicans. in the meantime the president keeping up the pressure on republicans from here to extend expiring tax cuts for middle-class taxpayers, but let them expire for wealthier taxpayers. take a listen. >> the place where we already have and three complete agreement right now is on middle-class taxes. as i have said before, we have two choices. if congress does nothing, every family in america will see the taxes automatically go up the beginning of next year. >> as we have been reporting all day, the president set to meet with a bunch of ceos of major corporate leaders here that will probably start wondering about 90 minutes to get underway around 4:45 here at the white house, 14 of them showing up including the ceo of yahoo, merck, coca-cola, at&t and lloyd g
. and dealing with the loving fiscal cliff looming -- they will have to deal with this to avoid tax increases and spending cuts at the net jones has the latest on the negotiations. >> after meeting with president of,. >> let me welcome the congressional leadership. >> expressed optimism to avoid $500 billion on tax increases and spending cuts next year. >> we have a very constructive meeting with the president to talk about the americans financial problems. >> we have a cornerstone to fig. >> the have working behind this seemed to work together to bring in tax revenue and reduce spending on medicare but it is not yet clear what lawmakers will meet next. even if some progress is made a final deal could be a long way away. >> we rarely see the hill and the white house make decisions early they do better when they have a deadline so i would be pleasantly surprised to see a deal emerge earlier. by the end of the year, so we will see. >> tax hikes and steep spending cuts will take place next year. >> 8:41 first, this live look outside at san francisco still very foggy. there are some bridge adviso
of a deal to avoid the so-called fiscal cliff by christmas. president obama says he would like congress to pass a bill even sooner to extend tax cuts for the middle class families. and he invited some of those middle class americans to the white house today to help make his case. >> i have got a pen. [ laughter ] i'm ready to sign it. [ applause ] so, my point here today is is to say let's approach this problem with the middle class in mind. the folks who are behind me and the millions of people all across the country who they represent. >> shepard: well, republicans are saying they need some spending cuts. that they will also have to be part of the deal. and they are accusing the president of campaigning instead of negotiating. >> i mean, every week he spends campaigning for his ideas is a week that we are not solving the problem. it's completely counter productive. the election is over. he won. congratulations. and we have got a hard deadline here, however, and it's still he he is still out on the campaign trail, kind of celebrating. >> shepard: if the president and congress cannot cu
to see common ground to deal with a fiscal cliff recession or trillion deficits as far as the eye can see? is the gop going to play a weak hand is that going to happen here? >> i would argue the republican house has as much power as the president. with solid majority that will continue for year to come because of redistricting and they were running a committed not just to stopping the tax increases to spending but voted for the ryan plan. it reforms entitlements and takes the tax rates to 25% and it is a co hern't ent package. obama wrote a budget that no democrat voted for, it was that silly. it claimed savings by not occupying iraq for the next 20 years. he won a mandate not to be romney. he did not win a mandate not to raise taxes and fix the economy. >> john boehner says we can cap deductions, probably produce $400 billion coming up pretty fast. no change in tax rates. so it is not a flat tax reform but no increase in marginal tax rates. can you and your pledge, with the pledge be okay with the bay nor plan to increase revenues by capping deductions? he has not endorsed raising taxes
campaigning. he is campaigning on dealing with the fiscal cliff. he will travel to pennsylvania and meet with small-business owners as the pressure republicans to extend tax cuts for people that are in less than two and a $50,000. he will be meeting with these business owners and middle class residents. >> new video coming in from cairo. look at all of the tents that are set up. this is a mass rally against a decree of begins the new president. this demonstration is just after he stated that he had a meeting with judges that was aimed at the worst political crisis in june. there are marches across the capitol and this is the center of a protest that is about the numbers and it is expected to swell. >> we will be right back as we continue. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we mu
at the top of the hour on "morning joe," republican lawmakers show signs of compromise on the fiscal cliff with some backing away from grover norquist and his anti-tax pledge. we'll discuss what that means for the livelihood of a deal ahead with the "morning joe" crew. >>> and when we come back here, we're going to huddle around the water cooler. we finally have a dollar value for what it would cost to ride a manatee. we'll be right back. [ male announcer ] introducing the new dell xps 12. part of a whole new line of tablets from dell. it's changing the conversation. ♪ >>> we told you at the top of the show that a congressional compromise might be in the works that would keep the government from going over the so-called fiscal cliff at the start of 2013. if a deal can't be reached, the vast majority of american families will be affected starting on january 2nd. if you want to sound smart today. >> i want to sound smart. what should i do? >> read the next one. >> how do i sound smart? >> tell your friends 90% of american households would face higher tax bills for 2013 if congress can't co
of this fiscal cliff that if my opinion, at least, is starting to hurt spending. >> it is hard to believe because why like toship but a lot of people go because it is a celebration thing, a lot of them are tag about it is like a party like lining up to see the ball drop on new year's so it is not just deal seeking. >>guest: it is becoming a huge event. you have to credit the retailers and the media for building it up because it is a big part of our economy and a quarter of the sales will be taking place here for the year take place in the next couple of weeks, but the fiscal cliff is out there. the fiscal cliff for the consumer is the worst thing that has happened since paris hilton released her debut music album, and there is not a lot of hope for congress to resolve anything. >> but consumer confidence is at a file year high so it must translate into opening of the wallets? >>guest: that is a fair point but if you look at the most recent consumer sentiment survey, you talk about future expectations, they are lower when than the last few months, and the lower expectations are because of the fisc
middle income families. >> you said today that congress should deal with the fiscal cliff crisis now, but tackle entitlements, the entitlement questions, later. yesterday, senator lamar alexander said the only thing the president has to do to get an agreement from republicans now is in his words, propose a reasonable way, a reasonable way to control entitlement spending. so is this a catch 22? who bends here? >> i don't expect us to have entitlement reform before december 31st. this is too technical, too important. let's do it right. but i do believe and i said it, any long term deficit reduction will require entitlement reform for one simple reason. medicare untouched, unchanged, runs out of money in 12 years. we need to take a hard look at it to find ways to preserve this important program, have savings that don't hurt the beneficiaries, and actually do reduce the deficit in the process. >> what about those republican critics, senator, who say it's not possible to make any real progress without -- on spending, shall we say, without seriously addressing the medicare, the medicaid, m
is running out to strike a deal for spending cuts that kick in as part of the so called fiscal cliff are now just 35 days away. allison burns, ktvu channel 2 morning news. >>> well a new study finds part of the bay area have higher invasive amounts for the western part of the state. the northern part of alameda county and a section that runs between san mateo and alameda counties. breast cancer rates were 10 to 20% higher than the state average from 2000 to 2008. breast cancer rates have long been a concern in marin county. >>> they are looking into whether the man accused of killing a police officer will stand trial. he is accused of killing a police officer and he is being held without bail but if he is found guilty he could get up to life in prison or even the death penalty. >>> the teen accused of killing a baby is set to begin. they fired several shots as a family of four were leaving a baby shower in june of last year. isaac garcia was killed and they thought the baby's parents were somebody else. opening statements could begin in early january. >>> a vietnam war memorial is vandalized
, there are -- 4:37, now, there are just five weeks until america goes over the fiscal cliff. susan mcginnis is in washington with what republicans and democrats now say they are willing to do to reach a deal. >> reporter: president obama and congress begin negotiations this week to avoid are the coming fiscal cliff, about $6 billion in tax hikes and spending cuts that will kick in. both sides say they're looking for ways to compromise. >> that's what it's about, if regan and o'neill can do it, obama should be able to do it. >> reporter: but republicans have consistently voted against any deal that raises tax revenue. >> the key is whether or not the republicans will move away from the id logically rigid tradition which was the grove pledge that they will not go for additional revenue. >> reporter: for the first time the antitax pledge seems to be negotiable. >> when you're $16 trillion in debt, the only pledge we should be making to each other is to avoid the coming grief and republicans should put revenue on the table. >> reporter: but new revenue doesn't necessarily mean new taxes.
to the new rules about to hit our already fragile economy and as fiscal cliff talks continue, big defense cuts are still on the table. so, should republicans embrace the sequester or make a deal to avoid it? welcome to the journal, editorial report. is the obamacare a sure thing or vast expansion of medicaid, heavily dependent on state implementation and a growing number of the governors are saying they won't do the federal government's bidding. wisconsin's scott walker is one of them and joins me now, governor, great to have you with us. >> paul, good to be with you. >> paul: when you wrote to the hhs secretary kathleen sebelius, you wouldn't set up a state exchange you wouldn't have the flexibility to make it work. why don't you elaborate on what you mean by lack of flexibility. >> each of the governors who run it, a state run, partnership or referring to the federal government. any folks that have a state run exchange they need to realize in the end there is no flexibility in terms of final outcome, there is no substantive difference between the three option, all of them lead to a fede
spending cuts on the other. that's the fiscal cliff. the other challenge is one that we've been dealing with for a long time now, the need to come to an agreement on a broad, balanced and comprehensive plan to reduce our deficits and debt and put us on a sustainable path economically in a way that protects the middle class, protects seniors and other vulnerable americans and continues to invest in our economy so it can grow and create jobs. the president's belief is that we can address both of these in a broad receive -- deficit reduction package but there's no question that we are -- that they are in many ways distinct. that's why when we talk about an immediate action a distinct, discreet action that congress could take if republicans in the house of representatives would agree to it, is to pass the tax cut, extending the so-called bush era tax cuts for 98 pk of the american people. let's do that right now, that's obviously not a comprehensive solution, it's a significant step toward a solution to the fiscal cliff. let's get that done. everyone in washington, i dare say, you know, the
chairman talked about the fiscal cliff urging congress to negotiate a deal that will begin to take effect next year. he said the central bank will aid recovery but can't offset the full force of the fiscal cliff. from the economic club of new york this is about>> thank you very much. 50 minutes. good afternoon. it is nice of you to join me for lunch at this intimate gathering. i know many of you and your friends and neighbors are recovering from the events of hurricane sandy -- i want to let you know our thoughts are with everyone who has suffered during the storm and its aftermath. it has been a very challenging time for new york city. i think you have shown quite a bit of fortitude in coming back and getting back to business. my remarks today are going to focus on the reasons for the disappointingly slow pace of economic recovery in the united states, and the policy actions that have been taken by the federal open market committee to support the economy. in addition, i will discuss important economic challenges our country faces as we close out 2012 and move into 2013, in particular the
, is that there is a deadline on the so-called fiscal cliff which is if you don't deal with those tax changes in short term. then you go off the cliff. and that could have a strong impact on the economy meaning the white house believes there will be a political backlash against republicans if the president can blame them for going over the cliff and holding out. we'll see, there may be republicans like john boehner and eric cantor say we are not going to give in and maybe we'll go off the deliver. earlier todayers ski today -- es said there is a chance we are going over the cliff. that can rattle markets. megyn: a new piece of polling from rasmussen reports suggests that half -- suggests a growing number of americans are worried the economy will be worse off a year from now. 50% express that concern. that, 27% increase from october. just 34% think the economy will be stronger. that pop comes as one of the writers at "forbes" magazine identified a phenomenon called the death spiral states. these are 11 states where private sector workers are outnumbered by people dependent on the government. if you plan on
, the fiscal cliff could trigger a recession next year. congress has to act by january 1st in order to avoid the automatic tax hikes and spending cuts. >>> secretary of state hillary clinton's efforts to help broke aerocease fire in the united states is fading -- breaker a cease fire in the united states is fading. >>> there are reports this hour that israelis are stepping up air strikes in gaza in retaliation for this bus explosion in tel aviv. israelis are calling it a terrorist attack that hurt at least 18 passengers anaphia bystanders. hamas praised the attack but did not claim responsibility. secretary of state hillary clinton who was in egypt just issued a statement saying the u.s. strongly condemns the attack and ready to provide assistance that israel requires. secretary clinton is calling for a cease fire but also trying to negotiate a longer term solution. >> the goal must be a durable outcome that promotes regional stability and advances the security and legitimate aspirations of israelis and palestinians alike. >> reporter: prior to the bus pomming, there were hopes -- bombing th
avoid the so-called fiscal cliff. if there is no deal we will all see tax hikes and government will cut spending beginning january. president obama has also called apple's ceo cook to get his input. >>> 5:17. first of a series of storms is arriving in the bay area now. >> not that we want to panic when the national weather service calls it a river of rain -- >> many terms, atmospheric river, pineapple express, we don't like those terms. it puts everybody in a panic we will get through this. live look right now from our sutro camera, wind warning along the coast. you can see heaviest cells offshore from the north coast, mendocino, sonoma, marin light rain around the bay continuing to develop. closer look from sea ranch, fort ross, highway 1, bodega bay, wet around windsor over the richmond san rafael bridge, lighter returns the blue here pinole wet weather into the east bay 680 looking at wet weather as well as milpitas and down around the south a from pescadero. wind advisory is going to keep temperatures up, gusty south winds already 57 oakland half moon bay 55 napa, temperatures have
going on. you have to "fiscal cliff" and people are getting tired of the warnings but it is a real big deal. nobody quite knows what is going to happen. so you have got a push and pull and i will say through this whole thing, we have seen not a lot of panic, the puts are very cheap. so, i think that there is reason to be you know cautious on both sides. when we get more clarity, maybe we can move forward. >> are you thinking about avoiding any capital gains increases? >> yes, oh e yes. we talked about this from a trading style to be able to move. and then i think any of the winners that you have held onto for a long time, maybe a high dividend payer, i think we have seen it there. so yeah, good time to clean up your position and make take a little bit off the table and hopefully capitalize on some of this that if we do no get a deal it is you are going see it come. >> very good. >>> and that is all for first business for monday morning. now tomorrow come back because we are going have run dun of what stocks are getting the healthy boost. do not miss it.
obamacare needs to be part of the fiscal cliff talks. democrats say no way. where does that leave the discussion and it could be the next big threat to the financial system. we will talk about it coming. gerri: the shadow banking system, money market funds, any lender technically not obeying can't blame by many for the global financial crisis, they are bigger than ever at $60 trillion in terms of assets according to a new report from the financial stability board. i asked the editor in chief of american banker about the risks shadow banking poses to the total financial system. >> as we saw during the financial crisis they did pose a big risk to the system because these are people in the business of lending money, investing but not regulated like a lot of bas so nobody knows what they are doing and another -- gerri: blocks -- [talking over each other] gerri: no idea what is going on with these companies or if they are maintaining any standards like we would expect out of banks. banks are highly regulated entities. >> they can get in trouble as well but they do have regulators watch
or twitter, or email us at mornings@cbs5.com. >> still no deal on capitol hill to avoid that "fiscal cliff" at the end of the year. some republicans have said they are willing to consider some tax increase but they are insisting on larger budget cuts to benefit programs which of course the democrats oppose. if all sides can't agree on a spending plan before year's end the automatic tax hikes and across-the-board budget cuts kick in. >> we must do everything we can to ensure that middle class families are not hit with $2,200 a year in tax increases. >> i hope cooler heads will prevail as we move through the process. we need to be working together. >> president obama is trying to generate public support for his ideas. he is going to meet with corporate executives today at the white house, then travel to pennsylvania friday to push for highers taxes for the wealthy. >>> susan rice on capitol hill today again to meet with lawmakers. the u.n. ambassador is trying to explain comments she made shortly after attacks on the u.s. consulate in benghazi, libya. yesterday she met with three of her stro
will be blamed if there is no deal and the country falls off the fiscal cliff. about a third say the president should get the blame. and about 15% say you know what? both sides get the blame. >> let's focus on those republicans. a lot are saying they will violate grover norquist's no tax pledge. >> this pledge goes back to 1986 and you're now seeing some republicans saying no i'm going to break this pledge. lindsey graham from south carolina, the most recent saxby chambliss did it the other day. those republicans senators up for re-election in 2014. maybe they'll face a challenge from the right. take a look at what lindsey graham said on the sunday talk shows. >> when you're $16 trillion in debt the only pledge we should be making to each other is to avoid the coming grief, and republicans, republicans should put revenue on the table. we're this far in debt, we don't generate enough revenue. >> and that's his key difference here. he says he's okay with the no taxes but we do need to raise revenues and if that means cutting back on such things as tax rates, he will do it. also he says the democ
this one to sell his plan for dealing with the fiscal cliff, we will hear from the president at the white house this hour. connell: and the powerball lotterr everybody is talking about is creating a frenzy, but we have a reality check today with another big story we have been following. it would run the government for an hour and 15 minutes. dagen: and it would last me for half a year. charlie gasparino on the future of the firm and the leader. connell: we start things off with nicole petallides. stocks nowwevery 15 minutes. dagen: good morning. nicole: good morning. we are certainly embedded that3 story. but i wanted to take a look at the broader market. you see they are improving some. pertaining to the fiscal cliff, it really is a market moving event. you have john boehner talking but he is optimistic a deal can be reached. this comes on the heels of yesterday when you had harry reid expressing caution about the fact things ar were nt going that well. we are seeing the market to the downside, they have improved and you can see it spiked up. alaska mitra said to them. dagen
reportedly said they will insist republicans deal with the debt ceiling now as part of the fiscal cliff negotiations and not later. also today, aflcio local leaders from 33 states are putting pressure on congressional lawmakers to let the bush tax cuts expire for the wealthy and keep social security off the table. let's turn to james hoffa, general president of international brotherhood of teamsters. always a pleasure. good to have you with us. sometimes when you get politicians and supporters and voters, it's like hurting cats, so to speak. everybody goes in their own direction and they all want their own thing. how do you feel right now about the unity of where this is going for the democrats? what's your understanding of how the white house meeting went today? >> right now, people are saying we have to stand tall. we had an election. these were the issues in the election. what organized labor is doing is urging this administration to stand tall. that was the message that was delivered today. we won and these were the issues. they wanted to send you a voucher for your medicare. they w
are on the right place. >> david cay, let's talk about the fiscal cliff negotiation. what if we do not get a deal? what does that do to the economy? all taxes are going to be going up. going to be $4 trillion in the economy. that would fix a lot of stuff. but obviously the concern is we may fall into a deep recession. what's your take on all that? >> people's paychecks will immediately experience -- they will be a little smaller. 2 percentage points more and your tax cut will be higher. but congress can change the tax law. remember, the republicans themselves did this when they raised taxes on teenagers who work six years ago. so the immediate effect is less than the boogeyman effect. the thing to watch for is do the democrats and president obama hold firm or do they betray the people who put them in office? >> would it be a betrayal at this point, do you think? >> if we come up with a gimmick that really makes the tax burden not fall on the very wealthiest of people. but on upper middle class americans and middle class americans, that would be something of a betrayal, yes. >> what does this do t
into the debt market, and steven hammers says the fiscal cliff is y2k all over again. i want to start with stephen, because he's been looking at green mountain for a long time, but is it too hot to handle? even though it is popping after hours as a result of these earnings, it is a very hot stock to hold, is it not? >> the stocks do have consistent earnings, otherwise we wouldn't have it. but because we weight securities based on the risk, we call rise the risk. green mountain coffee has the lowest exposure to our large cap fund which is only a .03% exposure. so we don't have much of green mountain coffee. but it is consistent earnings. liz: okay. you know, the trade action of the day, larry, it looked pretty ugly today, but there were some pretty good winners. nonetheless, i like how you put this. you said there are nuisance headlines coming through, and a couple came in the form of, in essence, i guess coming out of d.c. that the talks have stalled as it pertains to the fiscal cliff. does that just cause the markets to dive? >> yeah, i think so. i mean, i'm actually -- i feel like i
that will go up if they don't come up with a deal to avoid a fiscal cliff at the end of the year. and tonight, what could be a turning point. some republicans saying they are now willing to break that pledge of no new taxes. david kerley at the white house tonight. >> reporter: with some shopping done, president obama may be getting a gift from some republicans, republicans who signed a pledge never to raise taxes. this morning on abc news, a leading senator. >> i will violate the pledge. long shory short, for the good of the country if democrats will do entitlement reform. >> reporter: and pete chambliss says he will not abide by the pledge. support from a vocal house member too. >> i agree. a pledge you signed 20 years ago, 18 years ago is for that congress. the world has changed and the economic system is different. >> reporter: they are talking about that man's pledge, americans for tax reform president grover norquist who has hundreds of republicans signed. >> do you feel you are under assault? >> no. it allows elected officials to make it clear openly to voters where they stand. are the
economist say without a deal to avoid the fiscal cliff, americans may start closing their wallets during the critical holiday shopping season. and curb their spending well into next year. >> they think that it is important that congress extends the middle class tax cuts without delay, without drama. and it is because it will help to maintain the increase in the consumer confidence that we have seen. >> reporter: both sides say they are ready to compromise to avoid the nearly $600 billion in tax hikes and mandatory spending cuts, scheduled to kick in on january 1. but the taxes, they remain the sticking point. republicans and congress, they have been long opposed to any tax increases, but the gop lawmakers say that they are open to raising more revenues through the tax reforms. wyoming republican says that entitlement reform will also need to be a part of the solution. >> medicare and social security, they are the two big title waves that are coming at us in terms of the spending. >> reporter: the gop leaders say they will need the democrats to give more in order to cut a deal. >> it i
before taxes. >>> the looming fiscal cliff is one reason you may want to take that lump sum. if no deal is reached, and taxes go up, most financial advisers say that could cost the winner millions. >>> and with that fiscal cliff ahead, president obama is mounting a full-court press, making his case for higher taxes on wealthier americans, even as critics accuse him of being back in campaign mode. he'll meet today with mittle-class meshes who taxes will go up if there's no deal by the end of the year. and he talked to high-powered ceos about cutting the nation's deficit. >>> susan rice, who is the front-runner to be the next secretary of state, is back to capitol hill for more meetings with some of her harshest critics. the topic this time, her comments after the attack on the consulate in libya on september 11th. tahman bradley has the latest from washington. >> reporter: u.n. ambassador susan rice faces more tough diplomacy on capitol hill. rice is the leading candidate for secretary of state in president obama's second term. but prominent gop lawmakers are trying to stop her from gett
their input how to grow the economy and how to deal with that looming fiscal cliff. they are saying taxes will go up if congress does not act. >>> still on the scene of a fire that may have been intentionally started inside a classroom at alameda high school. brian flores joins us with more on why the fire was considered suspicious. >> reporter: it looks like police investigators are here now continuing to gather any evidence they can from this suspicious early morning fires. now let's go to video we shot earlier this morning. according to investigators, the fire started roughly around 3:00 a.m. this morning and one of the classrooms had flames coming out of it from a nearby window and they quickly put it out but what they found was one of the windows was opened and it leads officials to believe it is suspicious in nature. >> we had a fire alarm at the alameda high school and we came here and found a fire and put the fire out and the fire is suspicious in nature. >> reporter: now in terms of damage several books were burned and a window was damaged. police believe there may have been smal
in the general hopefulness that we're going to avoid the fiscal cliff, but it's not a done deal. it's not a certainty. the reason is the country -- the government is on automatic pilot to the fiscal cliff, to massive tax increases and really horrible spending cuts on january 1st unless we act, so if congress does -- congress has gotten pretty good at doing these days, we'll go over the fiscal cliff, so there's work to be done and compromises to be reached. >> next, an interesting take on the fbi investigation that ensnared general david petraeus. >> i got to say, what spies surprises me is these people are still sending emails. i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and associates appeal award two years in a row. ♪ time for ci
cliff, but it's not a done deal. it's not a certainty. the reason is the country -- the government is on automatic pilot to the fiscal cliff, to massive tax increases and really horrible spending cuts on january 1st unless we act, so if congress does nothing, which congress has gotten pretty good at doing these days, we'll go over the fiscal cliff, so there's work to be done and compromises to be reached. >>> next, an interesting take on the fbi investigation that ensnared general david petraeus. >> i got to say, what surprises me is these people are still sending emails. there is no relief for the brakes. we'll put them to the test today. all right, let's move out! [ ross ] we're pushing the ats brakes to the limit. going as fast as we can down the hill. we are making these sharp turns, slamming on the brembo brakes. [ derek ] it's like instant response, incredibly consistent. this is the challenge, machine vs. mountain. [ male announcer ] the all-new cadillac ats. do you really think brushing is enough to keep it clean? while brushing misses germs in 75% of your mouth, listerine
mommists say without a deal to avoid the fiscal cliff, americans may start closing their wallets during the critical shopping season and curb their spending into next year. >> they think it is important that congress extend the middle class tax cuts without delay and drama is because it will help to maintain the increased consumer confidence we've seen. >> reporter: both sides say they are ready to compromise to avoid the nearly $600 billion in tax hikes and mandatory spending cuts scheduled to kick in on january 1st. but taxes remain the sticking point. republicans in congress have been long opposed to any tax increases, but gop lawmakers say they are open to raising more revenue through tax reform. wyoming republican john ber aso said retirement reform needs to be part of the solution. >> medicare and social security are the two big tidal waves coming at us in terms of the spending. >> reporter: gop leaders say they need democrats to give more in order to cut a deal. >> it is time for the president to present a plan that rises above these reckless and radical voices on the hard left.
going to be bullied off by the republicans to try and do a deal to avoid falling off the fiscal cliff? >> the president has been quite clear that he wants a balanced approach to our deficit problems, that he wants higher revenue raised from increasing taxes for the top 2%, the most fortunate americans, and spending cuts so that we are on a fiscally sustainable path. >> but what happens if the republicans get to december 30th and say no deal? we are not going to sign up to anything that involves genuinely increasing taxation even for the 2%? what is plan b? >> well, first of all, i don't think that's in the country's best interest, and i think we've heard from republicans that they are finally talking about raising revenue from upper income families, so these are solvable problems and we are doing our best to try to solve them. >> right. but everyone is getting very tired of this groundhog day fiscal cliff scenario. i feel like i've been covering this my entire life. there's got to be a sense in washington of the public just wanting this to be settled sooner rather than later. a show o
's the maker? >> i thought i had to deal with the fiscal cliff, but undressing. >> you will. it's got like a stripy thing going on. >>> let's get an outlook on the markets. right now we have daniel from tjm institute. we've been watching what happens with the futures every day. a lot of concerns about the fiscal cliff, is that the biggest issue driving things right now? >> the fiscal cliff is the driving issue right now. a little fear from europe. the market came off. that is in the background. as long as we're seeing things move forward, but not negative on the fiscal cliff, i think you'll see the market bounce against this 87 and 90 level. any hint of a compromise, yo ur goi you're going to break the 1,400 level. >> okay. 20 to 22 area. every time these talks come in, though, we know it's going to be a lot of turbulence between now and let's say the middle of december or some time, that'd be the earliest. are you following every single trade? are you thinking eventually there'll be a deal that gets done? >> i think eventually there will be a deal that gets done. and i kind of like the fa
coming to a fiscal cliff. this just hours after she spoke at a women's dinner here is what she had to say. >> we need to grow our mobile expertise really quickly. one of the things we concluded is that yes, we need to hire one by one, won't it be great if we got shrugs of people that were a team, already knew how to work together? so we've been looking at aqua hires, we've done our first one. >> in addition, myer says yahoo will possibly look to partnership was other companies. more bad news on the hewlett-packard front. deals with the falout with autonomy write down, moody's cut the ratings today, three level as above junction status. moody's says it's worried about hp ability to compete as well as numerous execution challenges. and apple is winning in the netherland. a dutch court banned sale of some gal yachlsy product that's allegedly infringe on the apple photo navigation patents. the ban only applying to older products that don't run on updated photo galleries but samsung still going to have to pay apple $129,000 for every day it violates the ruling. a check in on how stocks are tra
the fiscal cliff deadline. if there is no deal in this political deal. >> and a live look outside. traffic rolling into the mcarthur maze, all of them come together around there. no big incidents to report right now. we he have a few crashes in marin. another one near the 880, 980 interchange. 8:41. . >>> good morning. live look there at blue skies over oakland. calm conditions, 46 degrees outside. >> people in gaza say israel is letting up it's border restrictions as part of a cease fire but it hasn't all been smooth. >> reporter: the cease fire faced it's first major test. several hundred palestine ans approached a border . after shouting warnings to the crowd israeli troops opened fire killing one, wounding more than a dozen. israel and hamas accuse each other of violating the agreement but so far both side's have shown restraint. the top hamas leader appeared in public and even he avoided the norm allan gauge that goes with most incidents. >> our information is it's not israeli aggression. some people tried to go make something. >> reporter: neither side it appears wants to return to
as for the fiscal cliff, i think that most people watching this closely believe there will be a deal, why? because on taxes, i think even republicans agree they have to give somewhat right now and spending is, taxes are at 15% of gdp right now, it's the lowest they've been in 50 years, even theost rig wing republican says that spending should be brought down only to 20% and-- >> wait, wait, and the point-- >> point two is that-- >> go ahead, finish julian fast i want to get gary in. >> point two, a huge opportunity for conservatives. >> democrats want entitlement reform and-- 70% of the budget-- >> gary k back, and listen, i don't want this to be a-- you guys are debating the left and right side of it, i think right now we're talking about, everyone in the country, gary k, seems to know about this more and more as each day goes on and it's already having a serious impact on our economy, and a pretty fragile time. so, here is the thing. is this enough to get lawmakers on both sides of the aisle to do something or do you think we'll go off the cliff? >> i think they'll get something done, but the so
enough to reach a deal by the end of the year? >>> also, who knew the fiscal cliff could have an impact on the take-home bundle of tomorrow night's powerball drawing? our wealth editor robert frank, plus a top financial adviser will tell you what you need to know to maximize those winnings. why bother? michelle is going to win. >> i'll give you some, bill. >> thank you. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories. tdd#: 1-800-345-2550 lower than spdr tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and even lower than vanguard. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that means with schwab, tdd#: 1-800-345-2550 your portfolio has tdd#: 1-800-345-2550 a better chance to grow. tdd#: 1-800-345-2550 and you can trade all our etfs online, tdd#: 1
.c. to see if we're any closer to seeing a deal to avoid the fiscal cliff. alison? >> reporter: it doesn't seem that way. president obama called congressional -- congressional leaders. but he's not met with them since before the thanksgiving break. we're now just 35 days away from the tax increases and spending cuts that kick in as part of the of the fiscal cliff. there's still no signs of a deal. the democrats are echoing the president's demand for tax increases for the wealthy. >> he's promises that will not sign any bill that benefits the 2% of the americans. >> no tax increases now for promised spending cuts that won't materialize later. >> reporter: and president obama is holding a series of events at the white house and on the road trying to win more public support this week for his approach. reporting live from washington, d.c., alison burns, ktvu channel 2 news. >>> 7:44. wall street seems to be teetering on that fiscal cliff as investors wait too react. pam cook -- wait to react. pam cook is here to tell us what is it at stake. what is at stake? >> a lot. it's being discussed on
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